CVX - Chevron Corporation

NYSE - NYSE Delayed Price. Currency in USD
+1.09 (+1.19%)
At close: 4:00PM EDT

92.79 0.00 (0.00%)
After hours: 6:27PM EDT

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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
Previous Close91.70
Bid92.70 x 800
Ask92.77 x 900
Day's Range90.11 - 93.85
52 Week Range51.60 - 127.00
Avg. Volume15,648,258
Market Cap173.237B
Beta (5Y Monthly)1.33
PE Ratio (TTM)45.15
EPS (TTM)2.06
Earnings DateJul 31, 2020 - Aug 04, 2020
Forward Dividend & Yield5.16 (5.63%)
Ex-Dividend DateMay 18, 2020
1y Target Est90.71
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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-25% Est. Return
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  • Chevron to Make Sweeping Job Cuts as Oil Demand Plummets

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    Chevron Corp (CVX) plans to cut 10 to 15% of its worldwide workforce as part of restructuring by the second-largest US oil producer. This represents the biggest headcount cut yet among global oil producers following the Covid-19 pandemic.The company previously disclosed a 30% reduction in its 2020 spending and voluntary job cuts amid this year’s plunge in oil prices and lower demand for oil and gas due to the virus pandemic.Chevron was among the first to make significant budget cuts as oil demand plummeted. The company expects to remove about 10 to 15 per cent of its global staff to “match projected activity levels”, a spokeswoman confirmed.The 4,500 to 6,750 job cuts are to “address current market conditions” with different impacts on each business unit and region. Most reductions will take place this year. Chevron currently has 45,000 non-gas station employees. Chevron also said it would reduce planned US shale output by about 125,000 bpd.US crude oil prices have nearly halved this year to about $33 a barrel as the pandemic hurt travel demand and led to stay-at-home orders. Oil demand has been hit by as much as two million barrels per day.On Wednesday, top US oil producer Exxon Mobil Corp (XOM) said it had not yet taken steps to reduce its workforce, although it has cut its planned spending for the year by 30%.Chevron's cuts will be "across the board but heavy on the corporate functions and the support functions," said CFO Pierre Breber in an interview.Jon Rigby, analyst at UBS, recently downgraded Chevron from Buy to Hold, noting that it had gained some 70% from its March lows. The rally speaks to the "leading reputation for capital discipline and the highly resilient, yet flexible financial model that CVX is running," according to Rigby.Chevron stock fell sharply with the onset of the coronavirus pandemic, but in the last two months has gained back most of its losses. Overall the stock is down 21% for the year and currently trades for $92.Analysts are strongly bullish on the stock.  In the last 3 months, out of 16 analyst ratings, 4 have been Holds and 12 have been Buys, for an average analyst price target of $101. This represents 10% upside from Chevron's current stock price over the next 12 months. (See Chevron stock analysis on TipRanks).Related News: Ryanair Cuts Traffic Target By Almost 50% For Coming Year, Seeks To Reduce Boeing Plane Deliveries Uber In Partnership With MoneyGram For Driver Discount During Pandemic Colombian Carrier Avianca Files for Bankruptcy Protection Due to Coronavirus Woes More recent articles from Smarter Analyst: * Coty Names Chairman Peter Harf As CEO To Steer Strategic Turnaround; Shares Pop 18% * Abiomed’s Heart Pump Gets FDA Emergency Use Status For Covid-19 Patients * Eli Lilly’s Taltz Injection Gets FDA Nod For Inflammatory Spine Arthritis Treatment * Eli Lilly Starts Dosing Patients In World’s First Covid-19 Antibody Trial

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  • Protecting the Dividend at Any Cost Is a Real Risk to Exxon Mobil Stock

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    Exxon Mobil (NYSE:XOM), the world's largest energy producer, hasn't had a great year. Exxon Mobil stock has shed 36.1% of its value since December, and it certainly isn't alone.Source: Shutterstock The novel coronavirus pandemic has wreaked havoc across all markets, but perhaps the most severely affected sector is the oil industry. Plummeting oil prices and oversupply has resulted in a 37% reduction in the Dow Jones Oil & Gas index since December.Exxon continues to pique the interest investors due to the consistent growth in its dividends and its long-term appeal. Unfortunately for Exxon's investors, their dividend and long term perspectives about the XOM stock are likely to take a hit this year.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe company has already announced that it will be freezing its dividend for the first time in 13 years amidst the market uncertainty. Also, its significant debt load will significantly impact its long term outlook. Recent Performance of Exxon Mobil StockFor the first time in 32 years, Exxon reported a loss of $610 million, or $0.14 per share. Revenues were down 11.7% to the year-ago period and 16.4% for the past quarter. * 7 Red-Hot Vaccine Stocks Racing to Develop a Coronavirus Cure Production volumes rose during the quarter due to its Permian Basin and Guyana Oil resources. However, the increase in the production volumes was partly offset by the lower oil prices and refining margins. Additionally, its depreciation and depletion expenses rose by 28% since the previous quarter.These effects can be partly attributed to the crippling effects of the pandemic, but for the past five years, the company has been on a downward spiral as far as earnings are concerned.Its EPS and revenues peaked in 2011, and in 2012 when we witnessed the highest oil prices of the decade. For the next five years, revenues reduced by a considerable margin after recovering in 2018. However, since then the downward trend continues and it seems that it will carry-on for the foreseeable future.It seems as though, in maintaining its track record of increasing dividends, the company has compromised on its profitability and free cash flows. Therefore, there are several question marks about its growth, profitability, and sustainability of its dividend model. The Dividend Problem Click to EnlargeSource: Muslim Farooque Exxon Mobil has a dividend history that is second to none, which has consistently grown in the past 37 years. However, the company recently announced that it was freezing its dividend for the first time in 13 years.Royal Dutch Shell already announced that it would slash its dividend by 66%, which has investors concerned about the future.Dividend yields in the oil industry have dipped but are still impressive in comparison to other sectors.XOM stock is currently ranked third in terms of its dividend yields in the industry. However, the main question that potential investors need to consider is how much of their dividend is being paid from cheap debt.Financial leverage for Exxon increased by 3% in its latest quarter, after raising an additional $8.5 billion on March 17. It has raised another $9.5 billion on April 13, which represents a total increase of 38% in its debt load since December last year.The majority of this debt is being used to cover its massive dividend payments. This a recipe for disaster considering how every company is looking to preserve its liquidity at this time. Long Term TroublesExxon Mobil is a riskier company than it was a few years ago and been a consistent underperformer. The oil industry is in a rut, and a market pull-back is uncertain at this point. Therefore, there is a lot to contemplate about Exxon's management in these testing times.Perhaps the best place to start is for the company to preserve its financial flexibility. In doing so, CEO Darren Woods announced a 30% reduction in its capital spending and a 15% reduction in operational expenses.Also, Exxon and Chevron Corp. (NYSE:CVX) have announced a collective shut-in of 800,000 barrels per day due to the depressed demand and plunging crude oil prices.However, the company remains adamant about protecting its dividend, but in doing so, it would have to consider massive reductions in capital expenditures and to take up additional debt. This is a risky strategy that might significantly hamper its operational capabilities in the future. Bottom Line on Exxon Mobil StockExxon Mobil finds itself in a precarious position, heading into the second quarter. Analysts expect the loss per share to further drop to $0.62 in the upcoming quarter.It seems that the company is still resolute about its dividend payouts, which continues to add to its debt load. Additionally, it's sacrificing its capital spending, which is a crucial element for success in the industry. Therefore, I'm bearish on XOM stock, considering its riskiness at this point.As of this writing, Muslim Farooque did not hold a position in any of the aforementioned securities. More From InvestorPlace * Top Stock Picker Reveals His Next 1,000% Winner * The Huge Story for 2020 & Beyond That You Aren't Hearing About * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * The 1 Stock All Retirees Must Own The post Protecting the Dividend at Any Cost Is a Real Risk to Exxon Mobil Stock appeared first on InvestorPlace.

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    (Bloomberg Opinion) -- The big question haunting oil is how much Covid-19 has changed the world. Will more people give up on commuting or, conversely, drive into work? Has air travel peaked for good? Have Londoners and Angelenos  been spoiled by a few haze-free months?Judging from the past week, though, maybe oil’s real problem is the world hasn’t changed enough.Last year, the big challenge confronting oil demand was the trade war. This eased somewhat in January with the “phase one” agreement committing China to buy more U.S. exports, including extra freedom molecules of energy. Even then, however, most of President Donald Trump’s tariffs were left in place, and sensitive issues such as Chinese subsidies were deferred. It was more ceasefire than treaty.The guns are silent no longer. China’s decision to effectively lop off the second half of Hong Kong’s “one country, two systems” rubric was met with Secretary of State Michael Pompeo’s announcement the U.S. would take Beijing at its word. No longer recognized as autonomous, Hong Kong’s trade could be hit with tariffs, and the U.S. could even impose sanctions.More importantly, this is a tangible breach after months of escalating tension, with tit-for-tat expulsions of journalists and Trump even floating the idea of China being “knowingly responsible” in the spread of Covid-19. The phase one agreement, meanwhile, was off to a slow start, with China taking just $14.4 billion of goods listed under the deal in the first quarter, versus the $34 billion implied by the targets, according to Bloomberg Economics.With November looming, and his presidency tainted by America’s Covid-19 death toll and joblessness, Trump may well have decided China makes a better pandemic scapegoat than economic buttress. But antipathy to Beijing extends beyond the president. In the same week Pompeo opened the door to sanctions over Hong Kong, the Democratic-controlled House voted almost unanimously to  authorize sanctions against China for human-rights abuses against the country’s Uighur minority. For reasons extending back much further than the existence of the Chinese Communist Party, such prods into the country’s internal affairs will touch a nerve, potentially escalating a trade dispute into broader great-power rivalry.The unraveling of free trade has been apparent since at least the 2016 presidential campaign. As I wrote here a few years ago, this is particularly pernicious for an oil market built on the back of globalization and U.S. security guarantees.Far from provoking mass kumbaya in the face of a common enemy, Covid-19 elicited a more Darwinian response, even between supposedly united states. Besides attempts to tattoo a flag on the virus, its arrival threw a spotlight on countries’ vulnerability to shortages of imported medical supplies, providing fodder for economic nationalists seeking re-shoring and a general shortening of supply chains. Fragmentation means friction, which tends to suppress growth over time. In projections published last year, BP Plc ran a “less globalization” case that took a hefty chunk out of forecast oil and natural gas demand; in the latter case, even more than for a scenario of quicker de-carbonization.The world also hasn’t changed as much as it might seem when it comes to oil supply, either. The coronavirus world tour coincided with the breakdown of Saudi-Russia cooperation on production cuts — and then facilitated a rapid rapprochement as oil prices headed toward negative territory. The swinging supply cuts forced on OPEC+ members, along with signs of congestion resuming in Chinese cities especially, helped drag oil back into the $30s this month.But the underlying dynamics haven’t changed altogether. Russia has implemented big cuts but is reportedly keen to start unwinding these sooner rather than later. As when it broke with OPEC+ in March, Moscow is done ceding market share to U.S. frackers. The latter have cut production very quickly, but their instinct to get rigs and crews back to work remains strong. Holding them in check are low prices, particularly for longer-dated futures, weighed down by the glut of physical oil and spare OPEC+ capacity that’s built up over the past couple of months. Shale does at last seem poised for rationalization. However, supply’s defining characteristics of the past four years — excess inventory and OPEC+ versus shale competition — are for now accentuated rather than altered.Similarly, the International Energy Agency’s latest investment report, which dropped this week, was consumed with Covid-19 yet trod familiar ground. This showed the theme of excess supply extending into refining, where too much capacity was opening even before the pandemic showed up.Above all, that other force of nature confronting energy markets, climate change, pervaded the discussion. If anything, the pandemic is a reminder of why we should be tackling that threat head-on. Covid-19 has both spotlighted the risk and, if stimulus efforts are shaped properly, may catalyze a response. With uncanny timing, at Chevron Corp.’s (virtual) shareholder meeting this week, the only measure where a majority of investors voted against the board concerned aligning the oil major’s lobbying with efforts to address climate change.There is still so much we don’t know about the lasting impacts of Covid-19 or, indeed, the workings of the virus itself. One thing that seems clear, however, is its tendency to magnify pre-existing conditions. For oil, those were excess supply, fraying globalization and a looming climate emergency.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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    (Bloomberg) -- In a rare move against Chevron Corp.’s board, shareholders of the U.S. oil giant are calling on the company to disclose lobbying efforts and ensure that they support international goals to combat global warming.The proposal was the only one where a majority of Chevron’s investors diverged from the board’s recommendations in an annual meeting held virtually Wednesday. The matter was brought by BNP Paribas Asset Management, which has stepped up efforts in recent years to help further the international Paris Agreement on climate change. BlackRock Inc., Chevron’s second-biggest shareholder, also backed the measure.The vote comes as the world’s oil giants are already reeling over a pandemic-fueled market rout, while also facing increasing pressure to curb greenhouse-gas emissions and contribute more to the fight against climate change.U.S. oil majors Chevron and Exxon Mobil Corp. have noticeably lagged behind their European counterparts in making carbon-cutting pledges. BP Plc and Royal Dutch Shell Plc have both committed to becoming carbon neutral by 2050 -- a move that Chevron’s chief recently called “aspirational” and Exxon’s described as nothing more than a “beauty competition.”Though America’s two biggest oil companies say they support the goals of the Paris accord, some investors want reassurance that they’re not funding trade organizations that promote policies to the contrary.“Climate issues are so central to the work of these organizations that it’s hard not to be concerned that there’s the potential for misalignment,” said Jonathan Bailey, head of ESG investing at Neuberger Berman, which voted for the proposal. “This will also help accelerate clearer activities from the organizations they support.”Chevron’s board had recommended investors vote against the proposal, saying that it already made transparent disclosures of its lobbying activities. The defeat -- with a preliminary count showing 53% of investors voting in favor of the proposal -- means Chevron will be required for the first time to issue a report detailing how those activities align or not with climate goals.The result “is a real rebuke to Chevron and a wake-up call to the board,” said Kathy Mulvey, a campaign director at the Union of Concerned Scientists. “Companies must back up their statements with consistent action.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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